Spotlight Blog

Regulatory compliance and technology insights, news, and guidance from ACA's experienced team

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December 17, 2018

The deadline of November 17, 2018, has now passed for the SFC FMCC. As with many regulatory change projects, implementation is no longer “the end” of the road, rather, it is a beginning of sorts. And so it is for Hong Kong’s fund management community and the new code of conduct. With the regulation now in force, there are a number of activities firms should undertake to ensure ongoing compliance with regulatory expectations.

Trader looking at screen
December 13, 2018

The UK’s Financial Conduct Authority (FCA) is increasing its focus on market abuse at buy-side firms with new publications, activities and potential enforcement actions, according to panellists at an ACA Compliance Group (Europe) briefing held in London in mid-November.

Checklist for CCOs
November 29, 2018

With the holiday season here and year-end looming, the pressure is mounting to cross those final compliance to-do’s off the list and finish the year strong. We’ve developed the following checklist to help guide you through the key areas to consider as you head into 2019.

Staff Support Handshake
November 28, 2018

The year-end brings with it regulation changes and increased demands that last throughout the first quarter of the year. It’s all too easy for many compliance tasks to take a back seat due to lack of staff and bandwidth. Compliance officers and managers need the assurance that they can start 2019 off on the right foot and still have the resources available to fulfill both their regulatory obligations and their fiduciary duty to clients on a daily basis. 

Brexit: the impact on your marketing and distribution activities
November 21, 2018

With four months to go until the United Kingdom’s anticipated exit of the European Union, the world braces itself for the final ‘divorce’ arrangements to be agreed, and to understand the subsequent consequences of those decisions.  With questions still unanswered on how Brexit will impact investment firms, we examine possible marketing and distribution issues post-Brexit.

November 5, 2018

As the 2018 finish line approaches, it is necessary to start looking ahead to how you want to shape your compliance program for the coming year. Last week, we discussed how to build the foundation of your budgeting process. This week, we asked the many former regulators and CCOs on ACA’s staff for their perspective on the most crucial components of building a compliance budget.

October 31, 2018

As year-end nears, compliance teams are beginning to plan for 2019. To assist with the annual budgeting process, ACA has compiled the following information to help firms stretch limited resources and keep pace with the regulatory developments shaping next year’s compliance efforts.

October 24, 2018

In early 2017, the SEC approved rule-change proposals establishing continued listing standards for passively and actively managed exchange-traded products. More specifically, the rules require ETP issuers and managers to adopt new monitoring and oversight protocols to ensure continued compliance with the applicable listing standards. In the event an ETP falls out of compliance with the standards, the Manager must promptly notify the appropriate Exchange. 

October 11, 2018

The UK’s Financial Conduct Authority (FCA) outlined a number of observations relating to market abuse surveillance. These should serve as a reminder and encourage investment management firms to review their existing policies, systems and controls in this area. But what does this guidance say and how should firms best take heed?  

October 11, 2018

On November 17, 2018, this new set of rules will come into force, bringing additional governance, operational, and disclosure requirements. As the FMCC countdown clock ticks ever closer to the deadline, these are the key compliance components that fund management firms should have in place before impact day.

September 19, 2018

Regulators in both the U.S. and U.K. continue to focus on electronic communication oversight programs as a form of detecting and preventing financial crime and non-compliance within financial organizations. We’ve seen the U.S. Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and the Financial Conduct Authority (FCA) increase their focus on this area over the past two years, and we anticipate this scrutiny will likely increase. This blog post tells you what you need to know and ACA's guidance.

September 18, 2018

The Investment Advisers Act of 1940 ("Advisers Act") imposes a significant number of regulatory obligations on the roughly 13,000 advisers registered under its purview. One of the broader mandates under the Advisers Act, articulated by Rule 206(4)-7 (the “Compliance Program Rule”), requires advisers to review, no less frequently than annually, the adequacy of the policies and procedures established and the effectiveness of their implementation.

August 16, 2018

With a significant increase to the number of reports ingested and the uptick in the number of firms submitting data, the FCA has been able to build a clearer picture of the behaviours of firms’ and their clients. However, the regulator is stressing the importance of reporting data quality, accuracy and completeness, with a particular focus on the following issues.

July 16, 2018

Investment management firms with operations in Hong Kong must turn its attention to the new Securities & Futures Commission (SFC) Fund Manager Code of Conduct (FMCC), which comes into force in four months. The package of new rules will apply to anyone licensed to carry out asset management regulated activity in Hong Kong. Here are five key steps to reach compliance with the SFC’s new FMCC.